Renewed demand provide support to oil prices: Ashish Shah, Sushil Finance

Ashish Shah, Research Head (Commodities), Sushil Finance in an interview with ET Now talks about oil prices.

ET Now: Let’s start with crude first and that has been trading between that 92-94 tight range in the recent days, do you see any strength going forward or the kind of data that we have seen in the recent days would continue to pressurise?

Ashish Shah: Crude oil definitely from here I see, it is going into a consolidation. More so because we see the data coming positive for crude oil but at the same time yesterday the announcement of slower growth outlook in US does put a little bit cap on the prices but not to forget the US driving season which is coming up. So I see one good amount of demand for oil coming in that section that will again give a good support to prices. So see it as a consolidation cum trading range for a period of about 2 to 3 months but strategy for today would definitely be a kind of sell on rallies to 4200-4250, stop loss is 4270 and on the downside, overall target can remain around 4150 to 4180.